Prices are on a bearish momentum and abiding to our bearish trendline. We see potential for continuous dip from our 1st resistance at 123.336 in line with 78.6% and 38.6% Fibonacci retracement and also graphical overlap towards our 1st support at 122.385 in line with 61.8% Fibonacci extension and 38.2% Fibonacci retracement. Breaking the 1st support will find prices dipping further towards our 2nd support at 121.966 in line which is a graphical swing low. RSI is at a level where dips previously occurred. Alternatively, our stop loss will be placed at 2nd resistance at 123.707 in line with 100% Fibonacci extension.
Trading Recommendation
Entry: 123.336
Reason for Entry:
78.6% and 38.6% Fibonacci retracement and also graphical overlap
Take Profit: 122.385
Reason for Take Profit:
61.8% Fibonacci extension and 38.2% Fibonacci retracement
Stop Loss: 123.707
Reason for Stop Loss:
100% Fibonacci extension
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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